Jim has been hiding a secret from Belinda that he has a girlfriend, Sheena for the last 5 years. They met when they were enrolled in a website design class. Jim has been spoiling Sheena by giving her a lot of money every month. Recently, they have been quarreling a lot and Jim has decided to recover the money he has given to Sheena. He says to his lawyer that the money had been a loan, not a gift. Sheena disagrees and claims that the money had been a gift. After they have calmed down, they meet up to patch things up. Jim and Sheena draft and sign a document before Jim gives it to his lawyer to formalize it. In the document, Jim agrees that he will not recover the money he has given to Sheena, but that Sheena is to help him in his online business that has not been doing well. In exchange for Jim’s promise, Sheena agrees to help Jim with his online business because Jim needs Sheena’s website design skills to improve his online business.

Has Sheena given valid consideration to Jim’s promise?

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Issue What is the legal impact of a valid consideration what are the legal elements of a valid consi... View the full answer